Partition suit filed in Court, but the property is bought through Bank Loan ( Mortgage Poperty)
Me & My Elder brother took a joint Home loan from LIC in the year 2015 and bought a property in Hyderabad, its a G+1 building, First floor being occupied by my brother and ground floor is occupied by me, The property is registered on both the names myself and my brother, EMI amount gets deducted from my brothers bank account every month 3rd of the month ,however i transfer my share of EMI through internet banking into my brothers account every 2nd date of the month without fail.After my marriage in the year 2017 i moved out from the property to a place nearby to my office and locked the house from 2017 till date, and paid my EMIs regularly to my brothers account even though i was not living there.
June 2020 i went to my property n asked my brother to buy my share of property at a nominal fair price and i would release my share of rights from the property if agreed to the proposal,for which he denied.
i made a second attempt to convince him to buy my share of property and release from this joint property thing, for which he again denied.
Since he was not willing to buy my share of property , i decided to let out my property on rent so that atleast i can cover some amount in terms of rent and pay the EMIs. But my brother is throwing away the Tolet board and not allowing any tenancy into the property. when i inquired about such actions with him he is saying he wont allow any tenancy into the property. Frustrated by his actions i took legal opinion from the lawyer, my lawyer has advised me in such cases i can file a partition suit and divide
the property,he has also suggested me that their are 4 outcomes in this case if my brother is not
accepting for partition, if the property can divided equally with meets and bounds court will allow the partition, if not.. me or my brother will be asked to buy the shares of the property, if both are denying to buy the shares of property court might ask the bank (LIC) to Auction the property and share the proceeds with the share holders equally after deducting the Principal Loan Amount.
My Question to the lawyers is. What is role of the Bank in this partition case, will they have any demands from the court to stop this partition?
2Q ? Can the Court advise the bank to split the loan into 2 accounts separately , if it is agreeing for partition.
3Q ? in what way my brother can stop this partition or Auction, and deny justice to me.
4Q? if my brother is accepting to buy my share of property, how should i deal with the transaction in terms of time frame and legal documents which he needs to be signed.
5Q? if my brother is accepting to buy my share, will the bank agree to remove my name as the co-borrower.and if the bank wants can include my my brothers wife as new co-borrower stricking my name.Since she is an Employee working in state govt office in hyderabad.
if incase i have missed anything, with all your experienced lawyers out there kindly suggest me your opinions and replies.